Crypto News & Trends

💰 Spot #bitcoin ETF cumulative trading volume crosses $100 billion

Bitcoin Hits Peak Interest on Google Trends Following SEC's ETF Approvals In the week spanning Jan. 7th to the 13th, 2024, Google Trends revealed a peak interest score of 100 for the search term bitcoin. A closer examination of Google Trends over the past three months highlights that this interest surged to its apex on Jan. 11. This was the day after the U.S. Securities and Exchange Commission (SEC) sanctioned 11 spot bitcoin exchange-traded funds (ETFs).

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Almost everyone expected #Bitcoin    to either rip, or to sell off on the ETF news. But BTC managed to deceive almost everyone, once again. 👇 What’s behind the muted price response? Turns out that compliance departments at brokerage firms often take weeks to several months to add new products to their internal “approved products list” for advisors to sell. In addition, several large broker dealers including Citi, Vanguard, UBS and Merrill Lynch have either restricted or disallowed their retail clients to buy any spot Bitcoin ETFs. There may be other brokers who blocked these sales as well for ideological reasons. They don’t believe in Bitcoin. I didn’t expect this at all. They’ll lose customers quickly with this strategy. There are also reports of people rotating out of bitcoin ETF proxies, like BITO and mining stocks, in order to redeploy that capital into a better proxy, like any of the spot ETFs. That would also mildly suppress the amount of ETF inflows. This may take several months to sort out before the floodgates open. I hope this is the case, as I need to stack more! We all do.

The trading volume of #Bitcoin    ETF has reached $4.6 billion on its first day, setting a new record.